Beauty Devices Market Size to Exhibit a CAGR of 7.8% By 2023 | Share Estimation, Future Growth Insights, Industry Trends and Top Key Players
The Global Beauty Devices Market size is poised to touch a stellar value by exhibiting a CAGR of 7.8% from 2017 to 2023. Beauty devices are electronic devices used for skin care purposes. The need for skin care for maintaining the external appearance and resolving issues pertaining to hair can bode well for beauty devices. These at-home devices provide similar services offered at salons or professional clinics. The global beauty devices market report by Market Research Future (MRFR) encompasses predictions and growth opportunities for the period between 2017 and 2023 (forecast period).
Awareness of the product is likely to drive the market demand due to large number of consumers caring about their physical appearance. Factors such as the rising geriatric population, high disposable income levels, and prevalence of skin and hair disorders as well as technological breakthroughs in products can drive the market growth.
Higher adoption of the technology and acceptance of beauty devices by customers can spell windfalls for the global beauty devices market till 2023. However, presence of suitable alternatives may dampen the market growth.
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Beauty Devices Market Segmentation
The global beauty devices market is segmented based on type, application, and end user.
Based on type, the beauty devices market is segmented into hair care, oral care, skin care, and others. Furthermore, the hair care segment is sub-segmented into hair styling devices, hair removal devices, hair growth devices, and others. The skin care segment is sub-segmented into acne removal devices, light/led and photo rejuvenation therapy devices, cellulite reduction devices, and others. Hair removal devices held the largest market share due to high incidence of hormonal issues or medical conditions such as polycystic ovary syndrome (PCOS) among women. According to the Center for Disease Control & Prevention (CDC), PCOS affects close to 6-12% of the female population in the U.S. and may offer many growth opportunities to the beauty devices market at large.
Based on application, the beauty devices market is segmented into commercial purpose and others. While the commercial purpose segment is sub-segmented into hospitals/clinics, salon/spas, and others
Based on end user, the beauty devices market is segmented into professional and personalized.
Beauty Devices Market Regional Analysis
Asia Pacific (APAC), Europe, the Americas, and the Middle East & Africa (MEA) are regions the center of interest in the global beauty devices market report.
The Americas are touted to lead in the global market owing to the large elderly population, rising numbers of women with PCOS, well-developed technology, and ample funding for research and development. Presence of major companies and a rise in R&D activities can drive the regional beauty devices market demand exponentially.
Europe has assumed the second position in the market due to government funds and ample funding in France and Germany. While APAC can grow at a rapid velocity due to high demand for anti-aging devices among women, huge patient pool, and developing healthcare technology. The demand for quality devices in China and India due to high number of cases of plastic anemia can favor well for the market, predicts MRFR. Innovations in laser therapy to provide relief to patients for a range of skin diseases can have a favorable impact on the market.
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Beauty Devices Market Competitive Outlook
L’Oreal S.A., Home Skinovations Ltd, Tria Beauty Inc., TRIA Beauty Inc, Procter & Gamble Co, PhotoMedex Inc, Nu Skin Enterprises, Syneron Medical Ltd, and Panasonic Corporation are prominent players of the global Beauty devices market.
Beauty Devices Market News
L’Oréal has decided to launch its beauty device, Perso, which uses AI to provide beauty services at home for customers. It has been showcased at the Las Vegas tradeshow in 2020. The AI can formulate personalized skin care formulas for products such as moisturizers, under-eye creams, and serums.
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